Precisely as forecasted in Premium Content, gold fell to the $1780-1790 area today and it allows us to make further projections of the waves and targets. The odds are bearish and let’s discuss the hypothesis.
Today’s red candle confirmed the Spinning Top formed yesterday. The odds are bearish, however, are not strong enough for an immediate fall. There is a good chance that we could see a slow grind down. The candle tomorrow should be very telling.
As I type, we can see a strong move down. If gold closes tomorrow lower than $1778, a crash would be almost guaranteed. Anything above would require an evaluation.
Gold is badly damaged on the monthly and weekly frames and a lot of bullish events need to happen this week and before August 31. At this point I am skeptical about them.
The analysis below cover the micro waves and possible targets for tomorrow, bringing awareness of the possible behavior and its interpretation around the channel line. If you want to continue reading about this, please subscribe to Premium Content for only $10 USD per month.
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Long Term Forecast for Silver – Premium Content (subscription required)